Value varies. Invest in what’s valuable.
It’s a well-recognized human bias to feel losses more acutely than gains. Perhaps something similar occurs with inflation.

Does anyone really believe that the renunciation of massive, sustained stimulus of speculation in housing would leave housing valuations unchanged because valuations are solely the result of “shortages”?

If we compare health and endurance, well-being, security, general attitudes, family and community ties and values, we would conclude that it is we who are impoverished.